Revolut expected to get Bank License in Weeks

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Ooo! Exciting!

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I’d expected their approach to trading and promoting cryptocurrencies would be problematic. Remains to be seen I suppose.

I’m looking forward to this for nothing more than gaining FSCS protection for an account I already have anyway.

If they also bring out exciting new products or otherwise manage to compete with other banks as a result of no longer having e-money restrictions, it will be interesting and may be useful, but I don’t even need that to happen to be pleased with the development.

I look forward to seeing if the reports are true!

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I think I could stand the loss of my £0.10 balance in the event Revolut collapse tbh :rofl:

Surely it would pave the way to continue using revolut as a “burner” account rather than relying solely on Monzo and Starling, from the tech perspective?

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Revolut will probably adopt a similar restriction on re-joining to Monzo and Starling, to avoid overuse of CASS.

I think banks aren’t technically allowed to restrict CASS itself, so limits on returning customers are a way around it that still meet the rules.

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Sounds good, more competitors. I’m guessing it will take a while for it to actually roll out to customers?

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Judging from today’s news, Revolut have some way to go.

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I rather like the quote from the anonymous senior official at the FCA:

“We may find it’s better to have Revolut pissing into the tent, so we can get a better look at what gets wet, than if it’s outside in the dark. After a certain point, it has become so big that we need it in our regulatory orbit.”

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Chaucer - unless my English Lit fails me……:thinking:

Ah, but they didn’t use the c-word (or q-word in Chaucer’s case) :slightly_smiling_face:

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Is there any bank with a full licence that is offering crypto products direct to consumers?

I pray to the Lord almighty, that not